In modern societies, gold as a heavy metal has a particular financial staying power. That makes selling scrap gold a continually popular economic play for households that need to deal with budget problems or could use some extra money from getting rid of coins, jewelry or any other scrap gold. Selling gold is different in each U.S. state, and Massachusetts residents who abide by some general guidelines for their transactions can end up making better gold-selling decisions. Here are some recommended steps for those who want to sell gold in Massachusetts.

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Steps

1

Collect gold assets and evaluate them. Look at the karat value of gold for each item, as well as the gold density and amount of total gold in the item, for example, in items that may be gold plated.

Assess the numismatic or craft value of coins and other objects. If the items have additional worth as collectibles, it does not make sense to sell them as raw gold. This is something that anyone should think about before trying to take scrap gold items to market.

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2

Find current gold prices. The value of a raw ounce of gold is available through many different resources, including the Internet. This price changes every day, but is a general indicator of what gold is worth on the open market. Make sure to watch this indicator to time your sales.

3

Learn about applicable federal and state law. Before making a transaction involving gold, look at how this transaction would affect income tax and other elements of the federal, state or local law.

Research Massachusetts law relating to gold sales. The Massachusetts sales and use tax may apply to a gold sale depending on the individual's overall adult tax filing and other issues. Learn about how Massachusetts deals with profit from the sale of gold items.

4

Find legitimate dealers within the state of Massachusetts. A number of quality gold shops within the state will engage in purchase transactions for gold. Find the most credible companies offering the most equitable deals.

In Massachusetts, one way a gold dealer establishes legitimacy is through membership in the New England Numismatic Association or NENA. This is especially important for shops dealing in gold coins, where numismatic value may apply. Look for these kinds of state qualifications for a gold shop to choose the right partners for a gold trade.

5

Keep records on the gold sale for state tax issues and other financial purposes. Keeping your gold sales on record will also help with future financial planning, for example, in figuring out whether to make more sophisticated plays on metals like gold and silver, either through accumulating gold bullion, or through related stocks and funds.

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